How do you budget for your rentals?

[Jeremy Clarke]

I was talking to a friend last week and he is interested in buying his first investment property. I have a couple and he started asking me how I budget for those properties in case of emergencies. It made me wonder, "what do other people do"? So I'm asking you BP community. How much money do you set aside for your rentals in case something goes wrong? Is it a dollar amount? A percentage of what the house is worth? Any thoughts are appreciated!